Module: General Practice
Q170: Which of the following statements regarding the "Pradhan Mantri Awas Yojana - Urban 2.0" (PMAY-U 2.0) Interest Subsidy Scheme (ISS) are Correct?
The scheme provides a 4% interest subsidy on the first ₹8 Lakh of the housing loan.
The maximum eligible subsidy amount per beneficiary is capped at ₹1.80 Lakh.
The Middle Income Group (MIG) category covers households with annual income between ₹12 Lakh and ₹18 Lakh.
The maximum eligible subsidy amount per beneficiary is capped at ₹1.80 Lakh.
The Middle Income Group (MIG) category covers households with annual income between ₹12 Lakh and ₹18 Lakh.
✅ Correct Answer: A
Statement 1 is Correct: PMAY-U 2.0 offers a 4% Interest Subsidy on the initial ₹8 Lakh loan amount.
Statement 2 is Correct: The subsidy is calculated as the Net Present Value (NPV) of the interest savings, capped at a maximum of ₹1.80 Lakh.
It is released in 5-yearly installments.
Statement 3 is Incorrect: Under PMAY-U 2.0, the "Middle Income Group" (MIG) is defined as households with income between ₹6 Lakh and ₹9 Lakh.
The previous PMAY 1.0 slabs (which went up to ₹18 Lakh) have been rationalized/discontinued in the new version to focus on the "needy middle class."
Statement 2 is Correct: The subsidy is calculated as the Net Present Value (NPV) of the interest savings, capped at a maximum of ₹1.80 Lakh.
It is released in 5-yearly installments.
Statement 3 is Incorrect: Under PMAY-U 2.0, the "Middle Income Group" (MIG) is defined as households with income between ₹6 Lakh and ₹9 Lakh.
The previous PMAY 1.0 slabs (which went up to ₹18 Lakh) have been rationalized/discontinued in the new version to focus on the "needy middle class."